Oak Forest Real Estate Market Update | March 06, 2023
Today I will be sharing with you our perspective on the local real estate market here in Houston, Texas, specifically a market update for the neighborhood of Oak Forest. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in Oak Forest?
We currently have 21 homes pending, with 13 homes sold in the last two weeks, averaging a sale price of $294 a square foot. Thirteen homes sold over the asking price, with one home selling 9% above the listing price.
Compared to the two weeks prior: Homes sold are up from 4 homes sold to 13 homes sold and the average sales price per square foot is also up: $294 ($280 previously). Every home is different, with different features, so don’t forget to ask us for your annual equity review if you are curious about your personal home. You can text AER to 79564 or email us here.
If we look at how fast the move-in ready homes are going, the demand in this area has not surpassed the supply, making it still a great time to sell. Buyer agents around Houston are seeing a slow in the real estate market, but it isn’t affecting every neighborhood. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways!
The most desirable homes in the area are still selling the first weekend or first week they hit the market (a really good coming soon campaign, like we do at Jo & Co. allows you to sell faster, for more money).
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Oak Forest.
Jo's Two Cents
In the last three months, we have seen xx homes sell in Oak Forest, with an average sales price of $964,500. This time last year 89 homes sold with an average list price of $798,467. About 80% of our market has disappeared, but as you can see, the data still shows us that on average, the home seller is getting over $150,000 more for their home this year compared to last year, and we have 5 homes pending with an average list price of $1,030,800. I personally wouldn't let the "slowness" and "high-interest rates" scare you or deter you from selling right now. Inventory is unbelievably low, making any beautiful home that hits the market, sure to sell in the first week or two if listed at the right price and marketed well.
What is happening in the real estate market nationally?
Mortgage rates trended higher last week. Pending home sales jumped in January, home price appreciation declined, as did mortgage application submissions. Construction spending slipped slightly and jobless claims decreased.
|MORTGAGE RATES CURRENTLY TRENDING||THIS WEEK'S POTENTIAL VOLATILITY|
- Fannie including more options for property valuations. Read More >>
- Redfin: home prices are falling in a way not seen since 2012. Read More >>
- A deeper look at the mortgage insurance premium cuts. Read Now >>
Pending home sales soared 8.1% month-over-month in January, likely indicating a future increase in closings. The jump was far beyond expectations of a 1% rise.
December’s FHFA house price index showed a 0.1% month-over-month decrease in home price appreciation. Home prices are still 6.6% higher than their level in December 2021.
Home price appreciation on the 20-city Case-Shiller home price index fell 0.5% month-over-month in December, bringing annual gains down to 4.6%.
Mortgage application submissions declined a composite 5.7% during the week ending 2/24. Both refinance and purchase application submissions dropped 6%.
Construction spending declined 0.1% month-over-month in January following a 0.7% decline in December.
Continuing jobless claims fell by 5,000 during the week ending 2/18 bringing the total number of continuing jobless claims to level of 1,655,000. Initial jobless claims fell as well, dropping by 2,000 to bring the total to a level of 190,000 the week ending 2/25.
Review of Last Week
LOSING STREAK SNAPPED... Traders broke the stock market's weeks-long losing streak as they went for the notion that despite signs of a resilient economy, we're very close to the peak of Fed rate hikes.
Those signs included the ISM Non-Manufacturing Index showing the huge services sector of the economy still expanding, rising Q4 Productivity and Unit Labor Costs, and super low Initial Jobless Claims.
But allaying fears of the Fed staying heavy on hikes, the Atlanta Fed President said he favors a quarter percent bump in March and that the Fed needs to go to 5.00-5.25% and then leave the rate there well into 2024.
The week ended with the Dow UP 1.7%, to 33,391, the S&P 500 UP 1.9%, to 4,046, and the Nasdaq UP 2.6%, to 11,689.
Bonds ended the week a tick down overall, with the UMBS 5.5% unchanged, at $99.21. The national average 30-year fixed mortgage rate continued to edge up in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com reports the supply of for-sale homes in February was up 67.8% versus a year ago. This was put to homes being listed for 67 days—but that’s still less time on the market than before the pandemic.
WEEKLY JOBLESS CLAIMS, MARCH JOBS… A light week for economic reports, but we’ll be watching weekly Initial Unemployment Claims, expected to stay below 200,000, and the February jobs report. Economists are forecasting a more modest gain in Nonfarm Payrolls than we saw in January. However, no one is predicting the kind of labor market slowdown the Fed wants to see.
The Pending Home Sales index of signed contracts on existing homes rose in January for the second straight month, up 8.1%, though still down from a year ago. Gains were nationwide and foretell higher sales in February and March.
In January, spending on residential construction came in at a decent $847.4 billion annual rate, just a tick below December’s figure. This indicates more new homes will become available later this year.
Best of all, ShowingTime’s index of home showings posted its largest monthly increase ever. Their VP of sales and industry noted, “a larger increase than any January before, after last year’s rapid cooldown, is significant.”
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] & [email protected] or telephone: 832-493-6685.
If you are curious 'How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
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